Tax Rate Guide
Standard Mileage Rates
| 2010 | 1/1-6/30/11 | 7/1-12/31/11 | |
| Business | 50.0 cents per mile | 51.0 cents per mile | 55.5 cents per mile |
| Charitable | 14.0 cents per mile | 14.0 cents per mile | 14.0 cents per mile |
| Medical and Moving | 16.5 cents per mile | 19.0 cents per mile | 23.5 cents per mile |
Corporate Tax Rate Schedule
| If Taxable Income Is | The Tax Is: | ||
| Not over $50,000 | 15% of the taxable income | ||
| Over $50,000 | but not over $75,000 | $7,500 plus | 25% of the amount over $50,000 |
| Over $75,000 | but not over $100,000 | $13,750 plus | 34% of the amount over $75,000 |
| Over $100,000 | but not over $335,000 | $22,250 plus | 39% of the amount over $100,000 |
| Over $335,000 | but not over $10,000,000 | $113,900 plus | 34% of the amount over $335,000 |
| Over $10,000,000 | but not over $15,000,000 | $3,400,000 plus | 35% of the amount over $10,000,000 |
| Over $15,000,000 | but not over $18,333,333 | $5,150,000 plus | 38% of the amount over $15,000,000 |
| Over 18,333,333 | 35% of the taxable income | ||
| Qualified personal service corporations are taxed at a flat rate of 35% of taxable income | |||
Individual Tax Rate Schedules
2010
2010 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)
| If Taxable Income Is: | The Tax Is: | ||
| Not over $8,375 | 10% of the taxable income | ||
| Over $8,375 | but not over $34,000 | $837.50 plus | 15% of the excess over $8,375 |
| Over $34,000 | but not over $82,400 | $4,681.25 plus | 25% of the excess over $34,000 |
| Over $82,400 | but not over $171,850 | $16,781.25 plus | 28% of the excess over $82,400 |
| Over $171,850 | but not over $373,650 | $41,827.25 plus | 33% of the excess over $171,850 |
| Over $373,650 | $108,421.25 plus | 35% of the excess over $373,650 | |
2010 Married Individuals Filing Joint Returns and Surviving Spouses
| If Taxable Income Is: | The Tax Is: | ||
| Not over $16,750 | 10% of the taxable income | ||
| Over $16,750 | but not over $68,000 | $1,675.00 plus | 15% of the excess over $16,750 |
| Over $68,000 | but not over $137,300 | $9,362.50 plus | 25% of the excess over $68,000 |
| Over $137,300 | but not over $209,250 | $26,687.50 plus | 28% of the excess over $137,300 |
| Over $209,250 | but not over $373,650 | $46,833.50 plus | 33% of the excess over $209,250 |
| Over $373,650 | $101,085.50 plus | 35% of the excess over $373,650 | |
2010 Married Individuals Filing Separate Returns
| If Taxable Income Is: | The Tax Is: | ||
| Not over $8,375 | 10% of the taxable income | ||
| Over $8,375 | but not over $34,000 | $837.50 plus | 15% of the excess over $8,375 |
| Over $34,000 | but not over $68,650 | $4,681.25 plus | 25% of the excess over $34,000 |
| Over $68,650 | but not over $104,625 | $13,343.75 plus | 28% of the excess over $68,650 |
| Over $104,625 | but not over $186,825 | $23,416.75 plus | 33% of the excess over $104,625 |
| Over $186,825 | $50,542.75 plus | 35% of the excess over $186,825 | |
2010 Heads of Households
| If Taxable Income Is: | The Tax Is: | ||
| Not over $11,950 | 10% of the taxable income | ||
| Over $11,950 | but not over $45,550 | $1,195.00 plus | 15% of the excess over $11,950 |
| Over $45,550 | but not over $117,650 | $6,235.00 plus | 25% of the excess over $45,550 |
| Over $117,650 | but not over $190,550 | $24,260.00 plus | 28% of the excess over $117,650 |
| Over $190,550 | but not over $373,650 | $44,672.00 plus | 33% of the excess over $190,550 |
| Over $373,650 | $105,095.00 plus | 35% of the excess over $373,650 | |
2011
2011 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)
| If Taxable Income Is: | The Tax Is: | ||
| Not over $8,500 | 10% of the taxable income | ||
| Over $8,500 | but not over $34,500 | $850.00 plus | 15% of the excess over $8,500 |
| Over $34,500 | but not over $83,600 | $4,750.00 plus | 25% of the excess over $34,500 |
| Over $83,600 | but not over $174,400 | $17,025.00 plus | 28% of the excess over $83,600 |
| Over $174,400 | but not over $379,150 | $42,449.00 plus | 33% of the excess over $174,400 |
| Over $379,150 | $110,016.50 plus | 35% of the excess over $379,150 | |
2011 Married Individuals Filing Joint Returns and Surviving Spouses
| If Taxable Income Is: | The Tax Is: | ||
| Not over $17,000 | 10% of the taxable income | ||
| Over $17,000 | but not over $69,000 | $1,700.00 plus | 15% of the excess over $17,000 |
| Over $69,000 | but not over $139,350 | $9,500 plus | 25% of the excess over $69,000 |
| Over $139,350 | but not over $212,300 | $27,087.50 plus | 28% of the excess over $139,350 |
| Over $212,300 | but not over $379,150 | $47,513.50 plus | 33% of the excess over $212,300 |
| Over $379,150 | $102,574 plus | 35% of the excess over $379,150 | |
2011 Married Individuals Filing Separate Returns
| If Taxable Income Is: | The Tax Is: | ||
| Not over $8,375 | 10% of the taxable income | ||
| Over $8,500 | but not over $34,500 | $850.00 plus | 15% of the excess over $8,500 |
| Over $34,500 | but not over $69,675 | $4,750.00 plus | 25% of the excess over $34,500 |
| Over $69,675 | but not over $106,150 | $13,543.75 plus | 28% of the excess over $69,675 |
| Over $106,150 | but not over $189,575 | $23,756.75 plus | 33% of the excess over $106,150 |
| Over $189,575 | $51,287.00 plus | 35% of the excess over $189,575 | |
2011 Heads of Households
| If Taxable Income Is: | The Tax Is: | ||
| Not over $12,150 | 10% of the taxable income | ||
| Over $12,150 | but not over $46,250 | $1,215.00 plus | 15% of the excess over $12,150 |
| Over $46,250 | but not over $119,400 | $6,330.00 plus | 25% of the excess over $46,250 |
| Over $119,400 | but not over $193,350 | $24,617.50 plus | 28% of the excess over $119,400 |
| Over $193,350 | but not over $379,150 | $45,323.50 plus | 33% of the excess over $193,350 |
| Over $379,150 | $106,637.50 plus | 35% of the excess over $379,150 | |
Standard Deductions/Personal Exemptions
Standard Deduction Tables
| 2010 | 2011 | |
| Married Filing Jointly and Surviving Spouses | $11,400 | $11,600 |
| Heads of Households | $8,400 | $8,500 |
| Single | $5,700 | $5,800 |
| Married Filing Separate | $5,700 | $5,800 |
| Additional Amount for Aged and Blind, Married and Surviving Spouses | $1,100 for each | $1,150 for each |
| Additional Amount for Aged and Blind, Singles and Heads of Household | $1,400 for each | $1,450 for each |
Personal Exemptions and Phaseout Amounts
| 2010 | 2011 | |||
| Personal Exemption Amount | $3,650 | $3,700 | ||
| Before January 1, 2010, code section 151(d)(3) phaseout of the tax benefit of the personal exemptions is calculated by reducing the total amount of the personal exemptions by 2% for each $2,500 increment (or portion thereof) of adjusted gross income in excess of a threshold phaseout amount adjusted for inflation.
The personal exemption phaseout is repealed for 2010. The repeal is extended until 2012. |
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Capital Gains and Dividends Taxed as Net Capital Gain
Capital Gains
| 2005-12 | ||
| Rate for Non-corporate Taxpayers above 15% income tax bracket |
15% | |
| 2005-07 | 2008-12 | |
| Rate for Non-corporate Taxpayers in 10% or 15% tax bracket |
5% | 0% |
Qualified Dividends Taxed as Net Capital Gain
| 2005-12 | 2013 | ||
| Rate for Non-corporate Taxpayers above 15% income tax bracket |
15% | * | |
| 2005-07 | 2008-12 | 2013 | |
| Rate for Non-corporate Taxpayers in 10% of 15% tax bracket |
5% | 0% | * |
* After 2013, dividends will be taxed as ordinary income.
AMT Tax Brackets
| Married Filing Jointly | Single or Head of Household | AMT Income | QD & LTCG* |
| $0 – $74,450 | $0 – $48,450 | 0% | 0%/15% |
| $74,451 – $150,000 | $48,451 – $112,500 | 26% | 15% |
| $150,001 – $229,960 | $112,501 – $201,460 | 32.5% | 21.5% |
| $229,961 – $447,800 | $201,461 – $306,300 | 35% | 22% |
| $447,801 or more | $302,301 or more | 28% | 15% |
* Qualified Dividends and Long Term Capital Gains
The ranges in red have been a phaseout bands.
| AMT Exemptions Amounts for 2011: |
| $48,450 for single and head of household filers, |
| $74,450 for married people filing jointly and for qualifying widows or widowers, and |
| $37,225 for married people filing separately. |
| AMT Tax Rates: |
| The exemption amounts mean that this amount of AMT taxable income is not subject to the AMT. Income over these amounts may be subject to AMT. Unlike the ordinary tax rates, the AMT has only two tax brackets. The AMT tax rate is assessed only on AMT income over the exemption amount. The AMT tax rates are: |
| 26% on the first $175,000 of AMT taxable income, and |
| 28% on the remainder of AMT taxable income |
Tax Rate Schedules for Estates and Trusts
2010
| If Taxable Income Is: | The Tax Is: | ||
| Not over $2,300 | 15% of the taxable income | ||
| Over $2,300 | but not over $5,350 | $345.00 plus | 25% of the excess over $2,300 |
| Over $5,350 | but not over $8,200 | $1,107.50 plus | 28% of the excess over $5,350 |
| Over $8,200 | but not over $11,200 | $1,905.50 plus | 33% of the excess over $8,200 |
| Over $11,200 | $2,895.50 plus | 35% of the excess over $11,200 | |
2011
| If Taxable Income Is: | The Tax Is: | ||
| Not over $2,300 | 15% of the taxable income | ||
| Over $2,300 | but not over $5,450 | $345.00 plus | 25% of the excess over $2,300 |
| Over $5,450 | but not over $8,300 | $1,132.50 plus | 28% of the excess over $5,450 |
| Over $8,300 | but not over $11,350 | $1,930.50 plus | 33% of the excess over $8,300 |
| Over $11,350 | $2,937.00 plus | 35% of the excess over $11,350 | |
Applicable Exclusion Amount for Estate Tax
| Year of Transfer | Applicable Exclusion Amount |
| 2006/2007/2008 | $2,000,000 |
| 2009 | $3,500,000 |
| 2010 | Repealed |
| 2011-2012 | $5,000,000 |
Lifetime Exclusion Amount for Gift Tax
| Year of Transfer | Applicable Exclusion Amount |
| 2002-2010 | $1,000,000 |
| 2011-2012 | $5,000,000 |
Gift Tax Annual Exclusion
| Year of Transfer | Applicable Exclusion Amount |
| 2002-2005 | $11,000 |
| 2006-2008 | $12,000 |
| 2009-2011 | $13,000 |
Note: A significant higher applicable exclusion amount and lower estate and gift tax rates are temporary and scheduled to sunset on December 31, 2012.
Estate and Gift Tax Rates for Decedents Dying in 2010/2011
| Taxable Amount Over | Taxable Amount Not Over | Tax on Amount in 1st Column | Rate of Tax on Excess Over Amount in 1st Column |
| 2010*/2011 | |||
| $0 | $10,000 | $0 | 18% |
| $10,000 | $20,000 | $1,800 | 20% |
| $20,000 | $40,000 | $3,800 | 22% |
| $40,000 | $60,000 | $8,200 | 24% |
| $60,000 | $80,000 | $13,000 | 26% |
| $80,000 | $100,000 | $18,200 | 28% |
| $100,000 | $150,000 | $23,800 | 30% |
| $150,000 | $250,000 | $38,800 | 32% |
| $250,000 | $500,000 | $70,800 | 34% |
| $500,000 | $155,800 | 35% |
*In 2010, the estate tax is repealed, but a taxpayer can make an election to apply the estate tax based on the new 35% and $5 million exclusion
In 2010, the top gift tax rate is reducted to 35% with an applicable exclusion amount of $1 million.
In 2011, the top estate and gift tax is 35% with an applicable exclusion amount of $5 million.
Note that gifts and states are not taxed in the lower brackets because of the use of the “applicable exclusion amount”.
ERISA and Tax Code Pension and Retirement Plan Limits
| 2010 | 2011 | |
| Deferral Limits for Plans | ||
| 401(k) | 16,500 | 16,500 |
| SIMPLE | 11,500 | 11,500 |
| 403(b) | 16,500 | 16,500 |
| 457 | 16,500 | 16,500 |
| Catch-Up Contributions for Participants Age 50 or Older | ||
| 401(k) Plans | 5,500 | 5,500 |
| SIMPLE | 2,500 | 2,500 |
| Qualified Plans – Annual Compensation Limit | 245,000 | 245,000 |
| Defined Benefit Maximum Annual Benefit | 195,000 | 195,000 |
| Defined Contribution – Maximum Annual Addition | 49,000 | 49,000 |
| “Key Employee” in Top-Heavy Plan | 160,000 | 160,000 |
| To Determine Maximum Account Balance in ESOP Subject to 5-Year Distribution Period |
985,000 | 985,000 |
| “Highly Compensated Employee” Threshold | 110,000 | 110,000 |
| SEP Compensation Threshold for Participation | 550 | 550 |
| Definition of “Control Employee” for Fringe Benefit Valuation | ||
| Regs. 1.61-21(f)(5)(i) | 95,000 | 95,000 |
| Regs. 1.61-21(f)(5)(iii) | 195,000 | 195,000 |
| Social Security Wage Base |
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